ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trade-Off
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Compliance
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Escape
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None of the above
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Detailed explanation-1: -Compliant – This is when a person is content to let someone else decide and typically doesn’t assert his or her own preferences. Delaying – Avoiding thinking about it or taking action. In this approach the decision maker procrastinates and hopes that something happens on its own to avoid making a decision.
Detailed explanation-2: -Investigate the situation in detail. Create a constructive environment. Generate good alternatives. Explore your options. Select the best solution. Evaluate your plan.
Detailed explanation-3: -Analytical Decision Making. Heuristic Decision Making. Expertise Decision Making. Random Choice Decision Making.
Detailed explanation-4: -Step 1: Identify Your Goal. One of the most effective decision making strategies is to keep an eye on your goal. Step 2: Gather Information for Weighing Your Options. Step 3: Consider the Consequences. Step 4: Make Your Decision. Step 5: Evaluate Your Decision.